Range Announces Pricing of Senior Notes
January 09 2020 - 5:52PM
RANGE RESOURCES CORPORATION (NYSE: RRC) (“Range”
or the “Company”) announced today that it has priced at par an
offering of $550 million aggregate principal amount of senior notes
due 2026 (the “notes”), which will carry an interest rate of 9.25%.
Range expects that the net proceeds of the offering will be
approximately $541.6 million. The size of the offering was
increased from the previously announced $500 million to $550
million.
On January 8, 2020, Range also commenced tender
offers to purchase for cash (the “Tender Offers”), subject to
certain conditions, up to $500 million aggregate principal amount
of its outstanding 5.750% senior notes due 2021, 5.875% senior
notes due 2022 and 5.000% senior notes due 2022 (collectively, the
“Target Notes”). Range intends to use the net proceeds from the
offering to purchase Target Notes in the Tender Offers, including
fees and expenses incurred in connection therewith, with the
remainder of the net proceeds to be used to repay borrowings under
its bank credit facility.
Range expects to close the sale of the notes on
January 24, 2020, subject to the satisfaction of customary closing
conditions.
The notes have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”) or the
securities laws of any state and may not be offered or sold in the
United States absent registration or an applicable exemption from
the registration requirements under the Securities Act and
applicable state securities laws. The notes were offered only to
persons reasonably believed to be qualified institutional buyers
under Rule 144A and to non-U.S. persons outside the United States
under Regulation S under the Securities Act.
RANGE RESOURCES CORPORATION (NYSE:
RRC) is a leading U.S. independent natural gas, NGL and
oil producer with operations focused on stacked-pay projects in the
Appalachian Basin. The Company pursues an organic development
strategy targeting high return, low-cost projects within its large
inventory of low risk drilling opportunities. The Company is
headquartered in Fort Worth, Texas.
This press release is being issued pursuant to
Rule 135c under the Securities Act, and is neither an offer to sell
nor a solicitation of an offer to buy any of the notes referred to
above. There shall not be any sale of any such securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The offering may
be made only by means of an offering memorandum.
This release contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, including
those related to the Company’s securities offering. These
statements are based on assumptions and estimates that Range’s
management believes are reasonable based on currently available
information; however, management’s assumptions and Range’s future
performance are subject to a wide range of business risks and
uncertainties, and there is no assurance that these goals and
projections can or will be met. Any number of factors could cause
actual results to differ materially from those in the
forward-looking statements, including, but not limited to, the
volatility of oil and gas prices, the results of Range’s hedging
transactions, the costs and results of actual drilling and
operations, the timing of production, mechanical and other inherent
risks associated with oil and gas production, weather, the
availability of drilling equipment, changes in interest rates,
litigation, uncertainties about reserve estimates, environmental
risks and regulatory changes. Range undertakes no obligation to
publicly update or revise any forward-looking statements. Further
information on risks and uncertainties is available in Range’s
filings with the Securities and Exchange Commission, including its
most recent Annual Report on Form 10-K and its subsequent Quarterly
Reports on Form 10-Q, which are incorporated herein by
reference.
Range Investor Contact:
Laith Sando, Vice President – Investor Relations 817-869-4267
lsando@rangeresources.com
Range Media Contact:
Mark Windle, Manager of Corporate
Communications724-873-3223mwindle@rangeresources.com
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